BofA, RBS Arrange $195MM Facility for The Briad Group
Restaurant and hospitality leader The Briad Group entered into a new six-year $195 million senior secured bank credit facility. Bank of America Merrill Lynch and RBS Citizens are the joint lead arrangers with Regions Bank serving as syndication agent and M&T Bank serving as documentation agent. Lending participants included Capital One Bank, Cadence Bank, Wells Fargo, Sovereign Bank and AIG.
The new bank credit facility will provide new capital for growth to support The Briad Group and its brands including T.G.I. Friday’s, Wendy’s, Zinburger Wine & Burger Bar and CUPS Frozen Yogurt – That’s Hot.
“This is a significant milestone for the company as the new credit facility will allow us to support and grow our new concepts like CUPS and Zinburger, as well as our mature brands, T.G.I. Friday’s and Wendy’s,” said Brad Honigfeld, chief executive officer of The Briad Group. “It’s a testament to The Briad Group’s management team and their ability to drive sales and growth during these tough economic times.”
The Briad Group recently entered into a five-year development agreement with Carlson Restaurants Worldwide to develop eight new T.G.I. Friday’s locations in Southern California. With 71 locations, The Briad Restaurant Group, LLC is the largest T.G.I. Friday’s franchisee in the world.